VANCOUVER, March 15 /PRNewswire/ - Guyana Frontier Mining
Corp. ("Guyana Frontier", formerly
Shoreham Resources Ltd.) has commenced a diamond drilling program
on the Borland Lake target area at the Favourable Lake Project in
Ontario, Canada, located
approximately 200 kilometres north of Red
Lake, Ontario. The Favourable Lake Project is a joint
venture with Gold Canyon Resources Inc. ("Gold Canyon"), with
Guyana Frontier holding a 70.3% interest, and Gold Canyon holding a
29.7% interest.
The 2011 drilling plan calls for a minimum of
1,000 metres of diamond drilling in six to eight holes collared on
the ice of Borland Lake, with estimated minimum depths of 125
metres and maximum depths of 200 metres, weather permitting. The
purpose of the drilling program is to test a mineralized zone
encountered by Noranda Exploration Co. Ltd. and Massive Energy Ltd.
in historical drilling programs carried out between 1962 and 1987
that encountered significant intersections of silver, with
accompanying minor values of gold, lead and zinc. Guyana Frontier
was unable to effectively intersect the historical zone in its 2010
winter drilling program, due to warm winter weather and weak ice
conditions on Borland Lake. Holes drilled from the shore of Borland
Lake in a subsequent 2010 summer drilling program were also unable
to intersect the historical mineralized zone.
Noranda's drill hole 65-2 intersected 391.2
grams per tonne silver across 33.3 metres (23 metres true width),
and Massive Energy's programs confirmed the target and outlined
three steeply plunging shoots within the mineralized trend,
separated by sections with narrow mineralized intercepts. Massive
Energy's drill hole 86-6 intersected three mineralized zones across
23.1 metres (19 metres true width), including 598.1 grams silver
per tonne across 6.2 metres (4.8 metres true width) and Massive's
hole 87-2 intersected 488.2 grams silver per tonne across 4.6
metres (4.0 metres true width). (NOTE: the results from these
historical exploration programs are not compliant with National
Instrument 43-101 and are presented for information purposes
only.)
A new interpretation study of the 2008 Titan-24
geophysical survey results is underway to assist in the
interpretation of results of the first holes of the 2011 drilling
program, and to potentially identify any adjacent zones of interest
that were unknown to previous explorers.
David Bending,
M.Sc., P.Geo., President and Chief Executive Officer of Guyana
Frontier, is a Qualified Person as defined in National Instrument
43-101. He is responsible for, and has reviewed, all technical
information contained in this news release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that Guyana Frontier expects or anticipates will or
may occur in the future, including such things as the planned 2011
drilling program at Guyana Frontier's Favourable Lake property,
future exploration activities, future business strategy,
competitive strengths, goals, expansion, growth of Guyana
Frontier's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration
activities generally, permitting time lines, government regulation
of exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results
of future resource estimates or future economic studies.
Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"planning", "planned", "expects" or "looking forward", "does not
expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or
"belief", or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on a number
of material factors and assumptions, including suitable weather and
other conditions, including ice conditions, to conduct the 2011
drilling program at Guyana
Frontier's Favourable Lake property, the result of drilling and
exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, that equipment necessary
for exploration is available as scheduled and does not incur
unforeseen break downs, that no labour shortages or delays are
incurred, that plant and equipment function as specified, that no
unusual geological or technical problems occur, and that laboratory
and other related services are available and perform as
contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, changes in climatic conditions and
ice conditions at the Favourable Lake property, the interpretation
and actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices
of minerals; possible variations in grade or recovery rates;
failure of equipment or processes to operate as anticipated; the
failure of contracted parties to perform; labour disputes and other
risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, as well
as those factors disclosed in the company's publicly filed
documents. Although Guyana Frontier has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
SOURCE Guyana Frontier Mining Corp.